Stock Market & Financial Investment News

JPMorgan ordered to take action on risk-management, money laundering preventionThe Federal Reserve Board issued two consent Cease and Desist Orders against JPMorgan Chase, a registered bank holding company. The first order requires JPMC to take corrective action to continue ongoing enhancements to its risk-management program and its finance and internal audit functions, particularly in regard to JPMC's Chief Investment Office. The Board's order follows the disclosure of significant losses in a large synthetic credit portfolio that was managed by the CIO. The second order requires JPMC to take corrective action to enhance its program for compliance with the Bank Secrecy Act and other anti-money laundering requirements at JPMC's various subsidiaries. The Fed said the Office of the Comptroller of the Currency on Monday issued two similar Consent Orders against JPMorgan Chase Bank, N.A. Reference Link

Basel Committee says new regulations unlikely, FT reportsIn an interview with the Financial Times, Basel Committee secretary-general William Coen stated most of the post-financial crisis bank regulation is in place, and the committee will now spend 2015 providing clarity on existing regulation. Coen stated that he is strongly inclined to review bank trading book rules by year's end, though the committee's review of market risk regulations may or may not be completed this year. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link

Judge dismisses lawsuit over $13B JPMorgan-Justice Dept settlement, Reuters saysA federal judge has dismissed a lawsuit that sought to block a $13B settlement reached between JPMorgan and the U.S. Justice Department over mortgage loans, reports Reuters. Judge Beryl Howell accepted a motion by the Justice Department to dismiss the lawsuit, which argued the non-profit group Better Markets lacked standing to sue. Howell said, "The plaintiff has failed to meet its burden to show it has suffered an injury in fact." Reference Link